The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved the exchange of tariff concessions, on Margin of Preference basis, under the Fourth Round of Negotiations under the Asia Pacific Trade Agreement and related amendments.
The Asia Pacific Trade Agreement or APTA (formerly the Bangkok Agreement) is an initiative under the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) for trade expansion through exchange of tariff concessions among developing country members of the Asia Pacific Region.
The current membership of APTA consists of six countries or Participating States (PSs), namely, Bangladesh, China, India, Lao PDR, Republic of Korea, and Sri Lanka.
Source: PIB
Image Courtesy: g3ict.org
